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Do you have to tell the bank you are selling?
Mortgage question

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9 replies to this topic

#1 LittleListen

Posted 05 January 2013 - 06:53 PM

We are selling shortly but not buying right away so will be closing our mortgage.

My question is, do I have to tell the bank that we are putting the house on the market? Or only once the legals on a sale are done?

#2 Three Of Hearts

Posted 05 January 2013 - 06:56 PM

Only once it's done.  The REA/Solicitor will do a title search that will show there is a mortgage over the property.  That is how it gets settled, you don't actually have to tell the bank anything.

#3 LittleListen

Posted 05 January 2013 - 07:00 PM

Thank you very much original.gif

#4 melstribe

Posted 06 January 2013 - 03:39 PM

Hi, just letting you know that when we were selling our house we had to let the bank know. The solicitor told us we had to ring the bank and let them know as it could delay settlement by weeks.

#5 dirtgirl

Posted 06 January 2013 - 03:50 PM

I can't really answer this question for you, as I've never sold a mortgaged property, and I'm sure different banks may have different policies. However, I would have thought that the fact that you are selling the asset that your mortgage is secured to, you would need to advise your bank as they are an 'interested party'.

I may be wrong though...I'd suggest investigating further with your bank.

#6 Mumma_G

Posted 06 January 2013 - 03:58 PM

We didnt have to let our bank know until we got a contract.

#7 Guest_AllegraM_*

Posted 06 January 2013 - 04:03 PM

You have to the let bank know as they will have to prepare a release of mortgage. This can take up to 3 weeks. The bank attends settlement and only hands over the release of mortgage to the buyer's solicitor when you hand them a bank cheque to pay out their loan. I can 100%  guarantee your property will not settle if you or your conveyancer do not give your bank sufficient notice.

ETA your formal notification to our bank takes place after you enter into a sale contract. You do not have to let your bank know you are putting your property on the market.

Edited by AllegraM, 06 January 2013 - 04:06 PM.

#8 mommyoffour

Posted 06 January 2013 - 04:04 PM

Check your mortgage documents. It may be a default if you don't (although whether they enforce it is a whole other thing).

#9 WhimsicalDragonfly

Posted 06 January 2013 - 04:14 PM

I don't recall us personally telling the bank, I'm pretty sure our conveyancer did this for us.

#10 FeralLIfeHacker

Posted 07 January 2013 - 12:35 PM

Good question, it was one of mine to ask, sounds like I need to check with the bank? but like pp I would have thought it would be the conveyancers job.

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